Beef Buzz News
Glynn Tonsor Believes Cattle and Beef Markets Have Weathered the Initial Turmoil Caused by the Russia-Ukraine War
Wed, 23 Mar 2022 06:18:54 CDT
The Russian invasion of Ukraine has provided a major shock to the global economy- and that has been clearly seen in the agricultural sector. The two countries are major wheat producers and exporters- and Ukraine also exports corn as well. The beginnings of the war saw a whiplash on the commodity markets- ag and energy- that has calmed down some in recent days but the underlying tensions remain.
When it comes to beef cattle and beef prices- early in the initial incursion by Russia into Ukraine- we saw cattle prices tumble on the futures and cash markets- but a good bit of that has been recovered. Kansas State Ag Livestock Market Economist Dr. Glynn Tonsor told Eric Adkinson on his podcast Agriculture Today that "some of that is timing as the supply fundamentals are quite supportive of the supply side" as supplies of cattle and beef going through the beef pipeline has been tight and that coupled with solid beef demand have helped beef and cattle prices to weather this disruption caused by the war.
Tonsor says that indirect impacts will be all about feed costs going forward and that is yet to be fully determined and will be something to watch as 2022 unfolds.
Tonsor does say "My biggest concern for the US cattle and beef industries as it relates to Russia-Ukraine is will that conflict lead to stepping away from globalization- so will we step away from more international commerce?" He says his concern is that we might stop growing our international market which is crucial in selling parts of the cattle carcass that has less value in the US- he says "think tongues".
Tonsor also updates us on the latest Meat Demand Monitor that he helps produce monthly- he says the February numbers show solid demand for beef and pork in the food service sector- but when you flip it over to retail- it was more of a mixed bag as consumers have to choose how they spend their dollars with much higher gas prices causing family budgets to be realigned.
Listen to the comments of Dr. Glynn Tonsor by clicking on the Listen Bar below.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes with Dr. Glynn Tonsor on Russia-Ukraine and Current Meat Demand
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